Get our latest blog post direct to your inbox every week!

  

01908 774320

 

     

Whether you're a rapidly growing start-up or an established family run business, we have the skills, knowledge and understanding to support you.

Understanding The Self-Employment Income Support Scheme

Have you checked your eligibility yet?

 
 

Posted by Roger Eddowes on 07/05/2020 @ 8:00AM

HMRC has started to contact taxpayers who are eligible for support under the Self-Employment Income Support Scheme (SEISS). There is also an eligibility checker so you can discover if you'll get help ...

The Self-Employment Income Support Scheme could help you if your business is affected by Coronavirus!

The Self-Employment Income Support Scheme could help you if your business is affected by Coronavirus!

copyright: hmrc / gov.uk

HMRC hasn't changed its guidance substantially, but there are definitely a number of published clarifications to certain questions raised by both MPs and the wider business community across the United Kingdom.

"The first questions about a business being
adversely affected is a simple one!"

It means that a taxpayer is unable to work because they are shielding, self-isolating or actually sick. Alternatively, they may have care responsibilities when looking after a close family member. It also includes circumstances such as scaling down or even stopping trading temporarily because of supply chain issues or a reduction in (or total loss of) their customers and clients.

However, trusts are not eligible to claim, and anyone reaching the state aid limits will not be supported either. The Self-Employment Income Support Scheme will also allow claims from individuals with any category of work visa.

HMRC has recently published a guide as to how it decides if you're eligible and how it calculates the grant. If you are eligible, then you can work out how much you'll get quite quickly if you have your last 3 years accounts to hand. Average the trading profit of the three years ending 5th April 2019, divide by 12, multiply by 3, then calculate 80% of that figure.

If you want to check your eligibility for yourself, then HMRC has a handy form available where you just need to enter your Unique Tax Reference and your NI Number to hand. It will then tell you if you are, or are not, eligible for SEISS support.

If you are eligible for support, you'll be given the date you can apply which is a randomised date from the 13th to the 18th May as they don't want to overload the system and slow down the processing of claims.

Giving them your email address and mobile phone number means they'll contact you on the day you've been assigned, and there'll be links in the messages to follow so you can make your claim. Please note, you'll need your Government Gateway login details to do this part.

"Be warned!"

From the 13th May onwards, there are likely to be a lot of fake messages to your email and possibly your mobile from scammers. Hence, if you're unsure of anything you receive, open a browser window and visit the HMRC website directly and find your way to the SEISS claim page from there.

If you don't register via the website and are eligible under the Self-Employment Income Support Scheme, then HMRC will write to you and offer an alternative telephone-based service for the digitally excluded. We are still waiting on further information on this process.

Do be aware that it's the taxpayer's responsibility to claim from the Self-Employment Income Support Scheme. Agents are being bypassed by HMRC so it may be worthwhile checking your eligibility today.

Until next time ...

ROGER EDDOWES
Business Godparent

 
 


Would you like to know more?

If anything I've written in this blog post resonates with you and you'd like to discover more, it may be a great idea to give me a call on 01908 774320 and let's see how I can help you.

Don't forget to stay updated with our daily social media posts on Facebook.

Share the blog love ...

Google AMP  /  Précis  

Share this to FacebookShare this to TwitterShare this to LinkedInShare this to PinterestShare this via Buffer

#SelfEmploymentIncomeSupportScheme #SEISS #SelfEmployed #CheckEligibility #HMRC #Accountants #MiltonKeynes #UK

About Roger Eddowes ...

 

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.